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Harmonize Effective Date in Deferred Comp Regs, Individual Says

JUL. 7, 2016

Harmonize Effective Date in Deferred Comp Regs, Individual Says

DATED JUL. 7, 2016
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Docket: IRS-2016-0025

 

Application of Section 409A to Nonqualified Deferred Compensation

 

Plans (REG-123854-12)

 

 

Comment On: IRS-2016-0025-0001

 

Application of Section 409A to Nonqualified Deferred Compensation

 

Plans

 

 

Document: IRS-2016-0025-0002

 

Application of Section 409A to Nonqualified Deferred Compensation

 

Plans (REG-123854-12)

 

Submitter Information

 

 

Name: David Joffe

 

General Comment

 

 

The proposed regulations under Code Section 409A and 457(f) have different language regarding the special effective date for recurring part-year compensation. The Code Section 409A regulations specifically provide for reliance on Notice 2008-62 or the proposed regulations "for the taxable year in which these proposed regulations are published as final regulations and all prior taxable years." However, the Code Section 457(f) regulations do not include this proviso. I would respectfully request that the IRS reconcile the two provisions.

The proposed regulations under Code Section 457(f) provide as follows:

 

Second, for all plans, with respect to the rules regarding recurring part-year compensation for periods before the applicability date of these regulations, taxpayers may rely on either the rules set forth in these proposed regulations or the rules set forth in Notice 200862.

 

The proposed regulations under Code Section 409A provide as follows:

 

The rules set forth in these proposed regulations regarding recurring part-year compensation are proposed to be applicable on and after the date on which these proposed regulations are published as final regulations in the Federal Register. However, taxpayers may rely on either the rules in these proposed regulations or the rules in Notice 200862 relating to recurring part-year compensation for the taxable year in which these proposed regulations are published as final regulations and all prior taxable years.
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